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(Alliance News) - Octopus AIM VCT PLC on Tuesday reported a fall in net assets in the first half of its financial year but generated a positive total return during the period.
The venture capital trust recorded net assets of GBP119.0 million at August 31, down 3.1% from GBP122.5 million on February 28. Net asset value per share was down 2.1% to 98.90 pence from 101.0p.
The stock closed down 0.8% in London on Tuesday at 90.00p.
Octopus recorded a positive total return of 0.9%, having returned negative 8.3% in its previous financial year.
Turning to dividends, Octopus declared a flat year-on-year payout of 2.5p per share. It will also pay a special dividend of 3.5p, having not paid a special dividend the year before.
Octopus said: "The six months to August 31 has been a volatile period for stock market indices,
with smaller companies underperforming in an environment of domestic political uncertainty and international trade tensions. Against this background the net asset value has struggled to make progress although it has risen 0.9% on a total return basis after adding back the dividend paid in the period."
Looking ahead, the trust expects market volatility and share price weakening to continue due to Brexit uncertainty and the China-US trade dispute.
By Eric Cunha; ericcunha@alliancenews.com
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